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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » What would likely be the best way to refinance an auto loan?

What would likely be the best way to refinance an auto loan?

My husband bought a car before we were married and received an ungodly interest rate due to his poor credit, at the time. We would really like to refinance it. Here are a few things to consider:

– I just bought a new car in my name only (excellent credit; the new auto loan is the only debt I have in my name)
– His credit is not as bad is it used to be, but not excellent (his personal debts are student loans and his current auto loan)

What would likely be the best way to refinance?

– In my name only, even though I just bought a car in my name?
– Refinance jointly, with both names on the loan?
– See if he can refinance under his own name? I know his rate would not be the best but ANYTHING would beat what he has now. TRUST ME!

Thank you in advance!

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2 Responses to "What would likely be the best way to refinance an auto loan?"

  1. SumDude says:
    refinance jointly … and see (and join) a credit union for the best rates.

    Or just pay it off quicker, and be out from under the debt.

  2. sarahsmile90 says:
    I would not recommend the your name only scenario, for two reasons. First of all since you just got an auto loan, (depending on your income) you may not qualify for a second auto loan on your own. Secondly, your husbands name needs to be on the loan to help with reestablishing his credit.
    I would recommend applying jointly, your good credit may help with what they offer in interest rate.
    Good luck.

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